Anthropic IPO Set to Enrich Amazon and Alphabet

Anthropic's highly anticipated IPO has sent shockwaves through Wall Street, and not just for its massive valuation of up to $2 trillion. According to sources, the company's public offering will enrich two mega-cap stocks: Amazon (AMZN) and Alphabet (GOOGL). These tech giants hold significant equity stakes in Anthropic, along with long-term cloud infrastructure contracts.

Amazon is estimated to hold between 15% to 21% of Anthropic's equity, built through a structured capital layout that includes an $8 billion tranche, $5 billion added in April 2026, and up to $20 billion tied to commercial milestones. In return, Anthropic committed over $100 billion to Amazon Web Services and Trainium hardware over the next decade.

This exposure has already started to show on Amazon's balance sheet. The company's Q2 2026 non-operating income contained roughly $53 billion in mark-to-market adjustments from Anthropic, pushing GAAP earnings per share far past consensus estimates.

Alphabet maintains a 14% to 15% position in Anthropic, a stake contractually capped to manage the competitive tension between Google's internal Gemini models and Anthropic's Claude. Despite this rivalry, Alphabet committed up to $40 billion in additional funding in April 2026, securing a massive commercial lock-in: Anthropic pledged roughly $200 billion toward Google Cloud.